Markel Completes Aspen Acquisition

Oct 15, 2010, 13:00 ET from Markel Corporation

RICHMOND, Va., Oct. 15 /PRNewswire-FirstCall/ -- Markel Corporation (NYSE: MKL) announced today that it has completed the previously announced acquisition of Aspen Holdings, Inc., a privately held insurance group that provides workers compensation insurance and related services, principally to small businesses, in 31 states.  Aspen, which is headquartered in Omaha, Nebraska, operates primarily through FirstComp Insurance Company, a Nebraska-domiciled insurance company, and FirstComp Underwriters Group, Inc. and FirstComp Insurance Agency, Inc., which act as managing general agents.

Aspen will continue to operate as a separate unit, with Luke Yeransian, Aspen's current chief executive officer, as President.  The unit will report to Mike Crowley, Markel's President and Co-Chief Operating Officer, as part of Markel's specialty admitted segment.

"We welcome Aspen's employees, agents and business partners to the Markel team," said Mike Crowley, President and Co-Chief Operating Officer of Markel.  "We look forward to blending our two complementary cultures and growing our business together."

Markel Corporation markets and underwrites specialty insurance products and programs to a variety of niche markets.  In each of these markets, the Company seeks to provide quality products and excellent customer service so that it can be a market leader.  The financial goals of the Company are to earn consistent underwriting profits and superior investment returns to build shareholder value.

SOURCE Markel Corporation



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